Bitcoin Price on the Rise Again and Everybody’s Celebrating with Pazza

Bitcoin Prices Nearing $500 Dollars

Bitcoin has suffered a turbulent few months. Ever since the Chinese government began to crack down on Bitcoin, prices have been trending downwards. Now, Bitcoin prices appear to be rising towards (and has actually passed) the $500 dollar mark. A flurry of good news, including continued support from Overstock CEO Patrick Byrne and diminishing fears from China, have sent Bitcoin prices rising again. A successful conference in Amsterdam and a well-received Global Bitcoin Summit in Beijing have also contributed towards the optimism.

Bitcoin “Pizza Day” Celebrated

For most people, May 22 will likely go by unmarked. For the Bitcoin community, today marks an important anniversary. Back in 2010, Bitcoin supporter Laszlo Hanyecz paid 10,000 Bitcoins to an undisclosed party for the delivery of 2 large Papa John’s pizzas, marking the first “real world” transaction for Bitcoin. It should come as no surprise then that many Bitcoin users have marked said day “Pizza Day.”

Marc Andreessen: Bitcoin the Next “Internet”

The internet changed the world. Twenty years ago, however, the full impact of the internet was unknown. Some people, like Bill Gates, thought it would amount to little more than a niche product. Others were convinced that it would revolutionize the world. Turns out the latter were right. Bitcoin Foundation Chief Scientist Marc Andreessen believes that in a few decades Bitcoin will be talked about in the same breadth as the internet. Mr. Andreessen believes that Bitcoin will be a similar platform of innovation and technological growth.

Winklevoss Twins: Bitcoin Will Be Bigger Than Facebook

The Winklevoss Twins, now famous for getting played by Facebook Founder Mark Zuckerburg and later settling a massive lawsuit with him, made some rather bold comments the other day. The Twins claim that Bitcoin will be bigger than Facebook, a boisterous comment given that Facebook has a market cap of $155 billion dollars. Of course, given that the twins run a Bitcoin fund listed on the Nasdaq, their optimism probably shouldn’t come as much of a surprise. Whether or not their bold claim comes to fruition remains uncertain, of course, but the Twins have proven to have an uncanny sense of technology developments.

$500,000 Dollars Worth of Bitcoin Used to Buy House

Bitcoin supporters hope that someday Bitcoins will be able to buy anything under the sun. Right now, however, few major retailers accept Bitcoin and the tax laws still remain vague. That didn’t stop a buyer and seller in Kansas from settling their house-for-cash exchange in Bitcoins. Home buyer Josh Zerlan claims that when setting out to buy a house he didn’t plan to use Bitcoin to pay for it. Meanwhile, home-sellers Tim and Virginia Hoelting were not overly familiar with Bitcoin. That didn’t stop the two parties from hashing out a Bitcoin only sale, which apparently saved both parties on fees that would have otherwise been paid to banks.

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An international financial analyst and writer. He has consulted for the Malaysian government, various MNC's, and other organisations. He focuses on currencies, commodities, and emerging South East Asian markets.